Affected by Bitcoin's 5.7% annual decline and aggressive equity dilution policies, Strategy (formerly MicroStrategy) stock (MSTR) has fallen 49.3% in 2025. Analyst Ted Pillows pointed out that the stock is currently trading at a 20-25% discount to its Bitcoin holdings value (approximately $59 billion). A recent major risk is the potential removal from the MSCI index, with a final decision to be announced on January 15. JPMorgan estimates this could trigger an $8.8 billion outflow.

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